Investor Presentaiton
Financial Results
Normalised Profit or Loss²
Commentary
29
29
Product gross margin was impacted in H1 FY21 as a result of
lower product sales but improved significantly in H2 FY21.
Reduction in Other revenues represent one-off license fees in
FY20.
Normalised selling and administration expenses increased
$2.7m or $3.5m in constant currency, reflecting increased
investment in the US sales operations and increasing
expenses from becoming a publicly listed entity.
Research and development expenses increased $1.4m
reflecting the increase in staffing on pipeline products.
Normalised EBITDA loss of $3.3m.
Reported
Reported
Reported
CC³
CC³
2021
2020
YoY %
2021
YoY %
Product sales
Other revenue
Total revenue
NZ$000
21,575
NZ$000
NZ$000
21,924
(2)
23,123
5
767
3,152
(76)
822
(74)
.
22,342
25,076
(11)
23,945
(5)
Gross profit
15,524
18,737
(17)
17,127
(9)
Product gross margin %
68%
71%
(3) bps
71%
0 bps
•
Other income
2,682
1,137
136
2,722
139
Normalised selling and administrative expenses4
(18,142)
(15,401)
18
(18,900)
23
Research and development expenses
(6,425)
(5,042)
27
(6,425)
27
Total normalised operating expenses
(24,567)
(20,443)
20
(25,325)
24
Normalised EBIT
(6,361)
(569)
1,018
(5,476)
862
Add back: Depreciation & amortisation
3,078
2,741
12
3,078
12
Normalised EBITDA
(3,283)
2,173
(251)
(3,613)
(210)
Net finance expenses
Normalised loss before income tax
(1,111)
(7,472)
(3,317)
(3,886)
67
92
(1,753)
(7,229)
47
86
•
2 The Normalised Profit or Loss is non-GAAP financial information, as defined by the NZ Financial Markets Authority, and has been provided to assist users of financial information to better understand and assess the Group's comparative financial
performance without any distortion from NZ GAAP accounting treatment specific to one-off, non-cash fair value adjustment of pre-offer shares issued in February and May 2020 and the one-off transaction costs associated with the IPO. The impact of non-
cash share-based payments expense has also been removed from the Profit or loss. This approach is used by management and the Board to assess the Group's comparative financial performance.
3 Constant currency (CC) removes the impact of exchange rate movements. This approach is used to assess the Group's underlying comparative financial performance without any distortion from changes in foreign exchange rates, specifically the USD. The
NZD/USD exchange rate of 0.64 has been used in the constant currency analysis, representing the average rate for FY2020.
4 These items have been normalised by the amounts outlined within the 'Reconciliation to NZ GAAP Profit or Loss'.
TM
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